Best crypto sports betting dApps
Everyone is focused on the cryptocurrencies that make people rich overnight, but they have overlooked…
The number of sports betting sites that accept bitcoin has been increasing over the last few years. In this article, you will find out the advantages and disadvantages of Bitcoin sports betting sites, which bookmaker is the best for Bitcoin bets, how to use bitcoin for sports betting and much more.
Bitcoin is a digital currency. The technology behind the cryptocurrency Bitcoin is called blockchain, which is also used by Litecoin and NFT. All data is stored decentrally via nodes around the globe. This leads to enormous security. Although hackers could theoretically gain access to parts of the system, since all information is never kept in one place, they are practically unable to manipulate it. Transactions are usually almost free of charge, extremely fast (a transfer is usually confirmed after a very short waiting time), but can no longer be revoked.
Transactions are usually almost free of charge, extremely fast (a transfer is usually confirmed after a very short waiting time), but can no longer be revoked.
The idea behind Bitcoin is very old. However, the cryptocurrency has only been really “suitable for everyday use” and was largely established for a few years. Since then, more and more Bitcoin sports bets have been offered and used often because of their many advantages.
Paying for online bets with the cryptocurrency Bitcoin works largely in the same way as conventional payment systems:
Of course you can also activate a welcome bonus with digital money. Some Bitcoin bookmakers even offer special deals for cryptocurrency users. Thanks to the low transaction costs associated with Bitcoin sports betting, high percentage bonuses are sometimes offered if you top up your account with Bitcoin.
Bitcoin bookmakers have a number of advantages that make them so interesting for bettors:
Although Bitcoin sports betting scores with many advantages, there are of course counterarguments which bettor should to consider:
The market for bitcoin in sports betting is very large and the number of sports betting sites accepting bitcoin as a regular currency is growing. Experts suspect that 50%-60 % of all Bitcoin transactions are related to online betting or online gambling.
Among other things, this is because Bitcoin represents a good loophole for the gambling market in the USA. Because currently gambling in the USA is only permitted in the states of Delaware, New Jersey and Nevada. In all other states, gambling is considered illegal, including Bitcoin bookmakers. However, due to the anonymity, Bitcoin betting betting sites for American citizens are now springing up like mushrooms. The US government cannot control Bitcoin transactions. Financial institutions have frozen countless online casino and sports betting accounts in the past, citing the Wire Act 1961. Since bitcoin is anonymous, there is no danger.
Bitcoin has made the revolutions in the online sports betting market in the US. Because now Americans can bet and gamble freely. Since the transaction is executed in Bitcoin immediately and cannot be reversed, online bookmakers also benefit. Because in the past there have been increasing problems with fraudulent chargebacks.
At this point, we would like to summarize some important recommendations for dealing with Bitcoin. You should pay attention to the following points if you want to place Bitcoin sports bets.
Anonymity: If you only pay with Bitcoin, you can remain completely anonymous with some bookies. All you have to do is provide an email address. Of course, this has certain advantages, but on the other hand, with this anonymity, you also refuse certain minimum standards and regulations. Therefore you should carefully choose a Bitcoin bookmaker and pay attention to some things like licence, age of the bookmaker and reviews of real players. On our website, you will find only time-tested bookmakers by our team.
Check the address of the wallet several times: Once payment has been initiated, it can no longer be stopped or even reversed. Before making a transaction, you should therefore make sure that the address of your Bitcoin wallet is correct.
No more anonymity when converting bitcoin to real money: The anonymity of cryptocurrency is one of its greatest advantages. However, as soon as you decide to convert profits into real money on a corresponding trading platform, you must provide proof of identity.
Bitcoin storage and access data: You save your crypto money either on a decentralised wallet or a suitable device for example a cold wallet. Only you have the specific access data for your wallet. This means a lot of security, but also that your bitcoins would be lost if you forget your log data. This is also the case if, for example, you lose the cold wallet on which your bitcoins are stored.
Bitcoin is still a sports betting fringe phenomenon. The cryptocurrency Bitcoin has been a payment method for sports betting providers for a relatively long time, but many players still have no experience with it or have concerns. The general designation as “dubious”, “criminal” or “dangerous” does not do justice to the currency or most of the betting providers who have it in their portfolio. However, as with any other bookie, you have to be very careful about who you trust your money. In addition, there can be disadvantages if the digital currency is handled incorrectly. However , both aspects should no longer be an issue for you if you take our tips into account , so that you can fully enjoy the many advantages that Bitcoin sports betting brings with it and with as little risk as possible.
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